v3.25.2
SEGMENT REPORTING - Schedule of Segment Revenue and Significant Segment Expenses (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue:        
Total revenue $ 213,395 $ 212,434 $ 435,157 $ 419,873
Expenses:        
Real estate taxes 26,651 26,493 54,412 53,027
Total expenses 166,809 233,515 334,885 401,293
Other general and administrative expenses (13,390) (12,966) (25,648) (25,750)
Impairment charges 0 (66,201) 0 (66,201)
Depreciation and amortization (97,887) (99,291) (196,118) (199,670)
Interest expense (34,052) (30,981) (67,006) (61,345)
Equity in loss of unconsolidated subsidiaries (3,238) (174) (3,845) (594)
Gain on sale of unconsolidated property, net 0 0 0 2,325
Income tax expense of taxable REIT subsidiaries (199) (132) (209) (290)
Other income, net 480 4,295 4,538 7,923
Gain (loss) on sales of operating properties, net 103,022 (1,230) 103,113 (1,466)
Net income (loss) 112,599 (49,303) 136,863 (34,867)
Net (income) loss attributable to noncontrolling interests (2,281) 665 (2,815) 385
Net income (loss) attributable to common shareholders 110,318 (48,638) 134,048 (34,482)
Other property-related revenue        
Revenue:        
Revenue 1,360 3,146 3,525 4,457
Fee income        
Revenue:        
Revenue 853 3,452 1,278 3,767
Reportable Segment        
Revenue:        
Bad debt reserve (1,625) (1,544) (3,701) (2,133)
Total revenue 212,051 208,537 432,864 415,191
Expenses:        
Property operating – recoverable 24,849 24,257 50,647 48,020
Property operating – non-recoverable 3,700 4,005 7,361 8,014
Real estate taxes 26,492 26,350 54,096 52,723
Total expenses 55,041 54,612 112,104 108,757
Net operating income 157,010 153,925 320,760 306,434
Other general and administrative expenses (13,390) (12,966) (25,648) (25,750)
Impairment charges 0 (66,201) 0 (66,201)
Depreciation and amortization (97,887) (99,291) (196,118) (199,670)
Interest expense (34,052) (30,981) (67,006) (61,345)
Equity in loss of unconsolidated subsidiaries (3,238) (174) (3,845) (594)
Gain on sale of unconsolidated property, net 0 0 0 2,325
Income tax expense of taxable REIT subsidiaries (199) (132) (209) (290)
Other income, net 480 4,295 4,538 7,923
Gain (loss) on sales of operating properties, net 103,022 (1,230) 103,113 (1,466)
Net income (loss) 112,599 (49,303) 136,863 (34,867)
Net (income) loss attributable to noncontrolling interests (2,281) 665 (2,815) 385
Net income (loss) attributable to common shareholders 110,318 (48,638) 134,048 (34,482)
Reportable Segment | Minimum rent        
Revenue:        
Revenue 165,965 161,608 339,953 322,653
Reportable Segment | Tenant reimbursements        
Revenue:        
Revenue 45,103 44,422 91,316 87,999
Reportable Segment | Other property-related revenue        
Revenue:        
Revenue 870 2,701 2,510 3,542
Reportable Segment | Overage rent        
Revenue:        
Revenue 1,738 1,350 2,786 3,130
Reportable Segment | Fee income        
Revenue:        
Revenue $ 853 $ 3,452 $ 1,278 $ 3,767